Investment made in US Dollars

[Teamdoctor]

Dear gurus
I have made an Investment in US Dollars by transfer from my personal account in UK to my Company’s business account. Now I am making an application for extension for the Tier1 Enterprener after 3 years period. Please advise me what date should I use on OANDA website for the rate? Whether it has to be date when I made a transfer from personal account to company or the date of application for extension?

[zimba]

This is confusing . You have a personal USD account in the UK ?! If the money deposited in the business account is in GBP, then why the USD rates matter ???

[marcnath]

Dear gurus
I have made an Investment in US Dollars by transfer from my personal account in UK to my Company’s business account. Now I am making an application for extension for the Tier1 Enterprener after 3 years period. Please advise me what date should I use on OANDA website for the rate? Whether it has to be date when I made a transfer from personal account to company or the date of application for extension?

Did you have a USD account for our company ?

[Teamdoctor]

Yes I have company account in USD since I do trade with China in USD. So money gone from my USD personal act to company USD business acc

[Mehdi123]

How are you showing your investment? Via shareholding or dl?

You should have what they call a settling transaction of foreign exchange gains and losses in profit and loss account as your submissions in UK will have to be in £. And the affect should be show in dl accordingly. Your accountant should advise your better on these matter.

[bizman]

It is the date you made the transfer from your personal account to your business account. Make sure you tell your accountant to note the date of the transfer in your annual account. Also mention it in your cover letter. Did you invest in shares or Director Loan?

[Teamdoctor]

I have made an investment as a DL. I think it should be the transaction date either but my lawyer reckon it should be rate on the date of application. It is kind of irrelevant since they settled to the balance with the rate to the day of transaction

[marcnath]

I have made an investment as a DL. I think it should be the transaction date either but my lawyer reckon it should be rate on the date of application. It is kind of irrelevant since they settled to the balance with the rate to the day of transaction

The evidence of the DL is you accounts and in the DL agreement. Since your accounts are done in GBP, that is what counts. Unless you have used some wildly crazy exchange rate to settle the balance in your accounts, the actual exchange rate is immaterial

[Teamdoctor]

So do you believe that it will be fine if the accounts, DL and OANDA rates for the day of transaction show the same figures?

[marcnath]

So do you believe that it will be fine if the accounts, DL and OANDA rates for the day of transaction show the same figures?

Sure, but I still believe the OANDA rate is immaterial. HO is unlikely to start debating the exchange rate with you unless you use unrealistic exchange rates like 1:1

[bizman]

They will reckon with what a certified chartered accountant prepare .